Richmond Fed offers liquidity for Wachovia
WASHINGTON |
WASHINGTON (Reuters) - The regional Federal Reserve Bank of Richmond on Monday said it was ready to offer whatever liquidity was needed to assist Wachovia Corp as it is taken over by Citigroup Inc.
The takeover of Wachovia, brokered by the Federal Deposit Insurance Corp., is taking place as European authorities step in to rescue three banks there and Congress prepares to vote on a $700-billion bailout for U.S. financial firms.
"In support of this transition, the Federal Reserve Bank of Richmond stands ready to provide liquidity as needed," the bank said. As one of 12 regional Fed banks, the Richmond Fed provides liquidity for Wachovia because its headquarters inCharlotte, N.C., are in the area the Richmond Fed serves.
(Reporting by Glenn Somerville; Editing by Theodore d'Afflisio)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters